In the Ocean City, NJ market in April, new home closings gained year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 4 a year earlier to 6 after the figure moved from 5 in March 2015 to 3 in March 2016.
A total of 76 new homes were sold during the 12 months that ended in April, up from 74 for the year that ended in March.
6 of the 372 total closings were new home closings, a shift on a percentage basis from 4 out of 377 a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $581,958 last year to $645,500. This came after a more than twofold rise in March year-over-year.
There was a decline in average mortgage size on new homes, going from $537,966 last year to $312,258 in April 2016. Average mortgage size on new homes went from $220,949 in March 2015 to $400,000 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes went from 2,210 square feet in April 2015 to 2,197 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 12.3% of existing closings, lower than 16.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.6% in April from 9.9% a year earlier and REO closings moved from 6.7% of existing home closings in April 2015 to 5.7% in April 2016.